Page 16 - Southern Exposure - September '23

Page 16, Southern Exposure

finAnCiAl foCuS ®

Retirees: Talk Finances

With Your Grown Children

By Sally Sima Stahl

When you’re retired, This article was written by Edward Jones for use by Edward Jones Insurance Agency of New Mexico, L.L.C.; and
you’ll likely have some your local Edward Jones Financial Advisor, Edward Jones, Edward Jones Insurance Agency of Massachusetts, L.L.C.
financial concerns – just Member SIPC. Edward Jones, its employees and financial advisors cannot
like all retirees. However, Edward Jones is a licensed insurance producer in all states provide tax advice. You should consult your qualified tax
if you’ve invested regularly and Washington, D.C., through Edward D. Jones & Co., L.P., advisor regarding your situation.
and followed a long-term and in California, New Mexico and Massachusetts through Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
financial strategy, you should Edward Jones Insurance Agency of California, L.L.C.; 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
be able to address most issues
that come your way. But
there’s one important action
that’s sometimes overlooked
by retirees: sharing their
financial situation with their grown children. And this
knowledge can benefit everyone in your family.
You might be surprised by the concern your children have
for your financial well-being. Consider these findings from
a 2023 study by Age Wave and Edward Jones: Upscale Resale
• 66 percent of millennials (generally defined as ranging
from 27 to 42) worry that their parents or in-laws may not Experience The Difference
have enough money to live comfortably in retirement.
• 83 percent of millennials would rather know their parents New and consigned furniture, unique lighting, accessories and gifts.
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parents pass on less money to them.
If you have children in this age range or older, or who
soon will be, how can you address their concerns and
potentially improve your financial outlook? Communication
is the key. By openly communicating with your family
about your financial status, you can reduce anxieties and
misperceptions. If you’re in good financial shape, your adult
children may be reassured that you won’t be needing their
assistance. And if you are feeling some financial pressures,
you can inform your children of the steps you are taking to
improve your situation.
One such step may be to reduce your cost of living – the Call us to sell. See us to buy.
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because the savings could be significant.
You may also be able to reduce or consolidate your debts.
Start by understanding how much and what kinds of debt
you have. Then, consider ways to lower your payments, such
as refinancing. For example, if you’re carrying a balance Susan Has Moved To A
on multiple credit cards, you might be able to transfer the
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Here’s another move to consider. Adjust your investment
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may need to shift somewhat toward income-producing
opportunities. Keep in mind, though, that you’ll still need
some growth potential to help keep ahead of inflation. Susan
One final suggestion: Let your children know if you
already have a strategy in place to meet the potentially high
costs of long-term care, such as a nursing home stay. This Swafford
burden is certainly something you won’t want your children
to take on.
By informing your children about your financial picture, 561-312-0457
and how you’re trying to improve it, you can ease everyone’s
minds – so keep the lines of communication open.
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